Fierce competition in the realm of talent recruitment and the labor market means that there’s an increasing need to hire skilled, top talent. Even in down economic times, employers still want the best-fit candidates for their organization.
Recruiting the right talented professionals who will add value to your organization makes everyone in the organization better. According to a report from Deloitte, each new hire costs an average of $4,000. With the expense associated with a new hire, high turnover rates can cost you—not just in money, but in time and culture as well.
Additionally, Gallup estimates suggest that American businesses are losing about $1 trillion in employee turnover, making effective recruitment strategies more important than ever.
Having a proven process that finds candidates who are a perfect fit and strategically optimizing your hiring processes will help lower turnover and allow you to focus on business goals with more precision.
The “talent” aspect of talent acquisition is the most obvious and the most vital. Full-service talent recruitment services focus on finding and recruiting talent who’ll fit into the organization and hit the ground running with value-adding practices. This, however, isn’t the end of recruitment services.
The Society for Human Resource Management reports that employers spent an estimated $223 billion to deal with workplace culture-related turnover over a five-year period.
How the candidate will fit into the organization’s culture is one of the keys to the hiring decision. Instead of focusing on what the candidate has to offer on paper, consider how they will fit into your organization’s culture.
Many top companies, such as Netflix, IBM, Apple and Google, are dropping degree requirements in hiring processes. This new trend in talent acquisition ignores academic achievement and focuses on the individuals themselves, their talents, their life experiences and accomplishments, and the knowledge and skills they bring to your organization.
If you’re unsure when it comes to recruitment strategies, you can’t expect to hire the best talent. There’s always room for improvement in talent acquisition processes, so leverage the latest trends, communicate with peers in other companies, and don’t be afraid to outline and refine your process to find the best talent to fit your company culture.
With almost 70 percent of job seekers using their mobile phones to find job opportunities, investing in new technologies can streamline the recruitment process and bend it to the new wave of recruits on the job market now.
Using social media channels to attract talent increases conversion rates and ROI compared with traditional recruiting methods. Your candidates are using these venues to find jobs, so you should be there.
If you begin the talent acquisition process without considering your organization’s goals and culture, you’re less likely to hire someone who adds real net value.
A prearranged strategy for recruitment helps you find qualified candidates without the additional downtime and cost of a bad hire. When you hire to fulfill short-term goals, you may be overlooking the broader interests of your organization. A candidate who has the practical experience, for example, may meet your organization’s quarterly goals, but they might not fit into your organization’s culture.
A focused and efficient recruitment process relies on a cohesive plan. Analyzing the position, factoring in your budget and setting realistic goals will help you implement a hiring process that proves successful—even in the long run!
An executive search firm can connect you with the best talent for your team. The experts at Brookwoods Group, a professional recruitment company in Houston, Texas, will find and screen the best candidates, the ones who possess the soft skills and experiential knowledge your company is looking for.
Contact our recruiting experts to get started.